CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD,
CCLDO, CCLDP), a leader in healthcare technology solutions for
medical practices and health systems nationwide, has released a
financial and operational update, highlighting its continued
success and commitment to growth:
-
Reaffirmed Fiscal Year 2023
Guidance: CareCloud has reaffirmed its previously
announced forward-looking guidance for 2023. This guidance includes
expected revenue in the range of $120 to $122 million and adjusted
EBITDA between $15 to $17 million. This demonstrates the Company's
confidence in meeting its financial targets.
-
Solid Foundation for Future Growth: CareCloud
highlights its stable core business, significant contract wins, and
advancements in generative artificial intelligence (AI) technology.
These factors collectively lay a solid foundation for anticipated
revenue growth, profitability improvements and positive free cash
flow in 2024. The Company's strategic focus on AI and innovative
solutions positions it well for success in the evolving healthcare
technology landscape.
-
Stable Financial Position: CareCloud emphasizes
its stable financial position, with a $25 million line of credit
and compliant with its covenants, which were recently relaxed to
provide additional flexibility. Last year, the Company redeemed
approximately $20 million of preferred stock at the $25 face value
per share. With a strong balance sheet and three classes of
publicly-trading shares, the Company has several alternatives if it
were desirable to raise additional capital in the future, and has
the option to redeem additional preferred stock at $25 per share if
it chooses.
-
Consistent Dividend Payments: The Company takes
pride in its impressive track record, spanning 8+ years of paying
timely monthly cash dividends on both series of its preferred
stock. This commitment to rewarding shareholders reflects
CareCloud's dedication to delivering value to its investors.
A. Hadi Chaudhry, President and Chief Executive
Officer of CareCloud stated, “CareCloud's financial and operational
update reaffirms our expectations to meet our fiscal year 2023
guidance. With the core business performing well and our focus on
emerging technologies like generative AI solutions, CareCloud is
well-positioned for continued success in the healthcare technology
sector.”
“CareCloud is committed to improving
profitability and its positive free cash flow in 2024,” added Larry
Steenvoorden, Chief Financial Officer. “This will provide the
financial support to manage our capital structure while also
driving top-line growth.”
About
CareCloud
CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings
disciplined innovation to the business of healthcare. Our suite of
technology-enabled solutions helps clients increase financial and
operational performance, streamline clinical workflows and improve
the patient experience. More than 40,000 providers count on
CareCloud to help them improve patient care while reducing
administrative burdens and operating costs. Learn more about our
products and services, including revenue cycle management (RCM),
practice management (PM), electronic health records (EHR), business
intelligence, patient experience management (PXM) and digital
health, at www.carecloud.com.
Follow CareCloud on LinkedIn, Twitter and Facebook.
For additional information, please visit our
website at www.carecloud.com. To view CareCloud’s latest investor
presentations, read recent press releases, and listen to interviews
with management, please visit ir.carecloud.com.
Use of Non-GAAP Financial Measures
In our earnings releases, prepared remarks,
conference calls, slide presentations, and webcasts, we use and
discuss non-GAAP financial measures, as defined by SEC Regulation
G. The GAAP financial measure most directly comparable to each
non-GAAP financial measure used or discussed, and a reconciliation
of the differences between each non-GAAP financial measure and the
comparable GAAP financial measure, are included in this press
release after the consolidated financial statements. Our earnings
press releases containing such non-GAAP reconciliations can be
found in the Investor Relations section of our web site at
ir.carecloud.com.
Forward-Looking Statements
This press release contains various
forward-looking statements within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These statements relate to anticipated future events, future
results of operations or future financial performance. In some
cases, you can identify forward-looking statements by terminology
such as “may,” “might,” “will,” “shall,” “should,” “could,”
“intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,”
“believes,” “seek,” “estimates,” “forecast,” “predicts,”
“possible,” “potential,” “target,” or “continue” or the negative of
these terms or other comparable terminology.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, the impact of the Covid-19 pandemic on our financial
performance and business activities, and the expected results from
the integration of our acquisitions.
These forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are only predictions, are uncertain and involve substantial
known and unknown risks, uncertainties and other factors which may
cause our (or our industry’s) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating to the Company’s ability to manage growth,
migrate newly acquired customers and retain new and existing
customers, maintain cost-effective global operations, increase
operational efficiency and reduce operating costs, predict and
properly adjust to changes in reimbursement and other industry
regulations and trends, retain the services of key personnel,
develop new technologies, upgrade and adapt legacy and acquired
technologies to work with evolving industry standards, compete with
other companies products and services competitive with ours, and
other important risks and uncertainties referenced and discussed
under the heading titled “Risk Factors” in the Company’s filings
with the Securities and Exchange Commission. In addition, there is
uncertainty about the spread of the Covid-19 virus and the impact
it may have on the Company’s operations, the demand for the
Company’s services, and economic activity in general.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
SOURCE CareCloud
Company Contact:Bill KornChief Strategy
OfficerCareCloud, Inc. bkorn@carecloud.com
Investor Contact:Asher
DewhurstICR WestwickeCareCloudIR@westwicke.com
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